Indian cities are blighted by crumbling buildings and aging infrastructure. Redeveloping the current older housing stock appears to be the key to increasing the stock of available dwellings.
Housing societies that are 30 to 50 years old are in desperate need of major structural repairs throughout cities. But either the financial burden is too great for the residents to bear, or the structures must be razed because they are unsafe to be reconstructed.
Residents in such cases have the option of redeveloping the area, which entails demolishing the existing old building and reconstructing it by hiring a builder who can create and donate new apartments to society members at no cost, along with some additional benefits. The builder can also profit from the potential of the balancing plot by creating additional apartments and shops in accordance with the approval of the relevant municipal corporation.
Although the process appears straightforward on paper, there have been cases when developers have abandoned or stopped work on redevelopment buildings in the middle of the process for a variety of reasons, including poor financial management, political unrest, delayed delivery, inadequate planning, or policy changes.
Source: Realty Plus
